Riyad REIT records SAR 76.6 mln in FFO in H1 2022, net profit at SAR 61.1 mln

Riyad REIT records SAR 76.6 mln in FFO in H1 2022, net profit at SAR 61.1 mln

24/08/2022 Argaam Exclusive

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Riyad REIT Fund reported a net profit of SAR 61.1 million, or SAR 0.36 a unit, in H1 2022, surging 84% from SAR 33.2 million in the year-earlier period.  

 

Funds from operations (FFO) reached SAR 76.6 million in H1 2022, up by nearly 64% from SAR 46.6 million in year-earlier period.  

 


Financials (M)

Item 6m 2021 6m 2022 Change‬
Rental Income 109.18 153.05 40.2 %
Funds from Operations(FFO) 46.59 76.56 64.3 %
Net Income 33.17 61.09 84.2 %
No of shares 171.70 171.70 -
Operating EPS (Riyals) 0.27 0.45 64.3 %
EPS (Riyals) 0.19 0.36 84.2 %

This was driven by 40% higher rental revenue year-on-year (YoY), including a capital gain of SAR 20.5 million. This was offset by 37% higher cost of revenue YoY, in addition to recording SAR 3.1 million in expenses pertaining to properties management. The fund also registered finance expenses at SAR 12.8 million by the end of H1 2022, compared to SAR 9.1 million in year-earlier period.  



Balance Sheet (Million)

Item 6m 2021 6m 2022 Change‬
Total Assets 2,548.60 3,052.34 19.8 %
Total Debt 866.91 1,360.85 57.0 %
Net assets attributable to the Unitholders Item 1,581.60 1,579.01 (0.2 %)
Market value of net assets 1,710.39 1,938.44 13.3 %

The net asset book value stood at SAR 1.579 billion in H1 2022, or SAR 9.2 per unit, while the asset market value reached SAR 1.983 billion, or SAR 11.3 per unit, in the six-month period.

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Financial results (Million)

Period Rental Income Change Funds from Operations(FFO) Change Net Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 7.84 - 3.92 - 3.16 -
H2 2016 14.17 - 9.49 - 6.72 -
H1 2017 16.83 114.6 % 12.94 230.3 % 9.53 201.2 %
H2 2017 21.57 52.2 % 15.35 61.8 % 10.54 56.7 %
H1 2018 33.97 101.8 % 29.34 126.8 % 24.04 152.2 %
H2 2018 115.15 433.8 % 47.09 206.7 % 40.14 281.0 %
H1 2019 90.44 166.3 % 41.22 40.5 % 33.64 40.0 %
H2 2019 90.71 (21.2 %) 51.19 8.7 % 37.24 (7.2 %)
H1 2020 88.40 (2.3 %) 35.14 (14.7 %) 23.90 (29.0 %)
H2 2020 97.62 7.6 % 34.03 (33.5 %) 21.16 (43.2 %)
H1 2021 109.18 23.5 % 46.59 32.6 % 33.17 38.8 %
H2 2021 158.30 62.2 % 80.92 137.8 % 63.38 199.6 %
H1 2022 153.05 40.2 % 76.56 64.3 % 61.09 84.2 %

Balance Sheet (Million)

Period Total Assets Change Total Debt Change Net assets attributable to the Unitholders Item Change Market value of net assets Change
H1 2015 - - - - - - - -
H2 2015 - - - - - - - -
H1 2016 516.46 - - - 500.60 - 517.20 -
H2 2016 504.68 - - - 481.90 - 500.28 -
H1 2017 673.54 30.4 % 114.98 - 478.29 (4.5 %) 511.43 (1.1 %)
H2 2017 717.69 42.2 % 194.92 - 488.97 1.5 % 525.06 5.0 %
H1 2018 1,725.16 156.1 % 44.00 (61.7 %) 1,631.01 241.0 % 1,682.79 229.0 %
H2 2018 1,798.69 150.6 % 88.34 (54.7 %) 1,641.96 235.8 % 1,706.72 225.1 %
H1 2019 1,991.73 15.5 % 295.44 571.5 % 1,627.53 (0.2 %) 1,689.30 0.4 %
H2 2019 2,385.78 32.6 % 685.08 675.5 % 1,623.57 (1.1 %) 1,658.03 (2.9 %)
H1 2020 2,384.25 19.7 % 689.31 133.3 % 1,604.54 (1.4 %) 1,670.00 (1.1 %)
H2 2020 2,521.15 5.7 % 883.91 29.0 % 1,591.36 (2.0 %) 1,646.15 (0.7 %)
H1 2021 2,548.60 6.9 % 866.91 25.8 % 1,581.60 (1.4 %) 1,710.39 2.4 %
H2 2021 3,072.59 21.9 % 1,367.33 54.7 % 1,598.63 0.5 % 1,752.78 6.5 %
H1 2022 3,052.34 19.8 % 1,360.85 57.0 % 1,579.01 (0.2 %) 1,938.44 13.3 %

Multiple Ratios (End of Period Price)

Compared With The
Period Price/ Earnings (P/E)(x) Price/FFO(x)
Q2 2013 - -
Q4 2013 - -
Q2 2014 - -
Q4 2014 - -
Q2 2015 - -
Q4 2015 - -
Q2 2016 - -
Q4 2016 More than 100 41.40
Q2 2017 More than 100 26.55
Q4 2017 More than 100 17.20
Q2 2018 44.94 34.77
Q4 2018 21.00 17.64
Q2 2019 18.80 15.71
Q4 2019 21.10 16.18
Q2 2020 22.38 15.85
Q4 2020 32.39 21.10
Q2 2021 31.51 21.23
Q4 2021 17.52 13.26
Q2 2022 13.96 11.03

Unit Data (Riyal)

Compared With The
Period Operating EPS EPS Book Value Market Value
H1 2015 - - - -
H2 2015 - - - -
H1 2016 0.08 0.06 10.01 10.34
H2 2016 0.19 0.13 9.64 10.01
H1 2017 0.26 0.19 9.57 10.23
H2 2017 0.31 0.21 9.78 10.50
H1 2018 0.17 0.14 9.50 9.80
H2 2018 0.27 0.23 9.56 9.94
H1 2019 0.24 0.20 9.48 9.84
H2 2019 0.30 0.22 9.46 9.66
H1 2020 0.20 0.14 9.35 9.73
H2 2020 0.20 0.12 9.27 9.59
H1 2021 0.27 0.19 9.21 9.96
H2 2021 0.47 0.37 9.31 10.20
H1 2022 0.45 0.36 9.20 11.29


Financial Ratios
Current
Number of Units (Million) 171.69
Net Income/Unit ( Riyal) 0.13
Funds from operations/Unit ( Riyal) 0.32
P/E (X) (TTM) More than 100
Current Price/FFO (X) 20.64
Par Value ( Riyal) 9.51
Price/book 0.77
Asset Growth (%) (1.10 )
Revenue Growth (%) 4.0
Net Income Growth (%) (75.65 )
Adjusted P/E (Last12) (X) More than 100
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Share Price

Riyad REIT Fund
6.61
0.02 0.30 %

Riyad REIT Fund (RIYAD REIT)

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